OpenText Announces Strategic Appointments

Rhea-AI Summary

OpenText (NASDAQ: OTEX, TSX: OTEX) announced strategic appointments to enhance its executive leadership. Sandy Ono joins as Chief Marketing Officer, bringing experience from Hewlett Packard Enterprise, while Michael Acedo has been promoted to Chief Legal Officer, previously serving as General Counsel. Doug Parker takes on the role of Executive Vice President, Corporate Development, with over ten years at OpenText. Gordon Davies will retire in September 2022 after 13 years. CEO Mark Barrenechea expressed confidence in the team's capability to drive profitable growth.

Positive

• Appointment of Sandy Ono as Chief Marketing Officer to enhance marketing strategies.
• Promotion of Michael Acedo to Chief Legal Officer, strengthening legal expertise.
• Doug Parker's promotion to Executive Vice President, Corporate Development, boosting corporate strategy.

Negative

• Gordon Davies retiring may lead to transitional challenges in leadership.

WATERLOO, ON, Jan. 24, 2022 /PRNewswire/ -- OpenText™ (NASDAQ: OTEX), (TSX: OTEX) today announced certain strategic appointments and changes to its Executive Leadership Team.

"I am very excited about OpenText's cloud led growth strategy and our ambitions to continue our successful profitable growth in the future," said OpenText CEO & CTO Mark J. Barrenechea.  "We have the strongest leadership team in our history, and as we continue to implement and execute against our strategic plan, I am pleased to announce these strategic appointments."

• Sandy Ono has been appointed as Chief Marketing Officer.  Ms. Ono joins OpenText from Hewlett Packard Enterprise (HPE), where she most recently served as VP, Growth Marketing, helping to drive digital transformation, shape GTM strategy, and implement digital analytics efforts to advance customer acquisition and retention strategies. Prior to HPE, Ms. Ono held a variety of high impact roles in strategy consulting and business development including time with Deloitte and the Walt Disney Company. Sandy holds an MBA from the Wharton School of Business.
  
  
• Michael Acedo has been promoted to Chief Legal Officer & Corporate Secretary.  Mr. Acedo joined OpenText in 2014 from the leading global law firm Skadden, Arps, Slate, Meagher & Flom, LLP where he practiced corporate and securities law, with a concentration on international capital markets and M&A transactions. Michael has been featured in business law publications as a leading practitioner, including being recognized by Lexpert as a Rising Star, Leading Lawyer Under 40.  At OpenText, he most recently served as the Vice President, General Counsel – Corp. & Corporate Secretary.
  
  
• Doug Parker has been promoted to Executive Vice President, Corporate Development.  Mr. Parker has over a decade of experience with OpenText in a variety of roles and also served as President & CEO of Quarterhill Inc., focused on the acquisition, management and growth of companies in dedicated technology areas.
  
  
• Gordon A. Davies, Executive Vice President, Chief Legal Officer and Corporate Development has decided to retire effective September 2022.  Until such time, Mr. Davies will act as Special Advisor to the Chief Executive Officer.

"It will be exciting to watch the achievements from our executive team in the coming years, as we remain laser focused on our value creation approach of total growth, profitability, and capital returns," added Mr. Barrenechea. "I am deeply grateful for Gordon Davies's 13 years of leadership and many achievements at OpenText and wish him the best in his retirement."

For full biographical information on Sandy Ono, Michael Acedo, Doug Parker and Gordon Davies, as well as the entire OpenText Executive Leadership Team, please visit: https://www.opentext.com/who-we-are/executive-leadership-team.

The appointments and changes are effective immediately and each report to the Chief Executive Officer.

About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com

Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which OpenText operates, as well as the impact of the ongoing COVID-19 pandemic. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors, which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Copyright © 2022 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents.

Note: All dollar amounts in this press release are in US dollars unless otherwise indicated.

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SOURCE Open Text Corporation

FAQ

What strategic appointments did OpenText announce on January 24, 2022?

OpenText announced Sandy Ono as Chief Marketing Officer, Michael Acedo as Chief Legal Officer, and Doug Parker as Executive Vice President, Corporate Development.

Who is the new Chief Marketing Officer at OpenText?

Sandy Ono has been appointed as the Chief Marketing Officer.

When is Gordon Davies retiring from OpenText?

Gordon Davies will retire in September 2022.

What are the significant changes in OpenText's Executive Leadership Team?

OpenText made several strategic appointments, including the promotion of Michael Acedo and Doug Parker.

What is the stock symbol for OpenText?

OpenText is traded under the stock symbol OTEX.